Zambeef has reported FY2020 interim results for the six-month period ending 31 March 2020. In what is a tough macro environment in Zambia, we believe that the company has delivered a strong performance, with underlying growth in revenue of +27% y-o-y (+9% in US$) and +31% y-o-y underlying growth in gross profit (+12% in US$). While customers are gravitating to lower-margin products, Stock Feed and Cropping have countered with a very good performance. We had largely anticipated these dynamics, ....